As of Tuesday, October 15, 2024, the black market (parallel market) exchange rate for the U.S. dollar to the Nigerian naira was ₦1663 for buying and ₦1670 for selling at the Lagos Parallel Market, according to Bureau De Change (BDC) sources.
Black Market Dollar to Naira Exchange Rate:
- Buying Rate: ₦1663
- Selling Rate: ₦1670
CBN Official Exchange Rate:
- Buying Rate: ₦1602
- Selling Rate: ₦1603
Please note that rates may vary across different locations, and individuals are advised to approach their banks for Forex transactions, as the Central Bank of Nigeria (CBN) does not recognize the parallel market.
Cooking Gas Prices Surge to ₦1,500/kg Amid Petrol Price Hikes
In addition to rising dollar-to-naira rates, Nigerians are also facing surging prices for Liquefied Petroleum Gas (LPG), or cooking gas, which has hit ₦1,500 per kilogram in some areas of Ogun and Lagos States.
This price hike has heavily impacted consumers, with a 12.5kg cylinder now costing an average of ₦17,000 in Abuja, up from ₦12,000 in July 2024. NIPCO Plc’s Managing Director, Suresh Kumar, expressed hope that local refineries like the Dangote refinery will help reduce LPG prices. Currently, over 60% of Nigeria’s cooking gas is imported, raising concerns about dependency on foreign supply.
In different areas of Abuja, prices vary, with costs ranging from ₦1,300 to ₦1,400 per kilogram.
